ITO, Salem V. S-1236 Valappadi PACCS Ltd., Salem

ITA 1109/CHNY/2016

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 9132 (ITAT-CHENNAI)
• Duration Of Justice: 1 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-06-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 13-06-2016
• Assessment Year: 2012-2013
• Appeal Filed On: 25-04-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A V SREEKANTH

Judgement Text

, / , IN THE INCOME TAX APPELLATE TRIBUNAL , C/SMC BENCH, CHENNAI . , ! BEFORE SHRI A.MOHAN ALANKAMONY, ACCOUNTANT MEMBER ./ I.T.A.NO.1109/MDS/2016 ( / ASSESSMENT YEAR: 2012-13) INCOME TAX OFFICER, WARD-2(3) SALEM-7. VS M/S. S-1236 VALAPPADI PACCS LTD. VALAPPADI POST, SALEM-636 115. ( /APPELLANT) ( /RESPONDENT) / APPELLANT BY : MR. A.V.SREEKANTH, JCIT /RESPONDENT BY : NONE /DATE OF HEARING : 13 TH JUNE, 2016 /DATE OF PRONOUNCEMENT : 13 TH JUNE, 2016 / O R D E R THIS APPEAL IS FILED BY THE REVENUE AGGRIEVED BY T HE ORDER OF THE LEARNED COMMISSIONER OF INCOME TAX(APP EALS), SALEM DATED 23.02.2016 IN ITA NO.284/2014-15 PA SSED UNDER SECTION143(3) R.W.S.250(6) OF THE ACT. 2. THE REVENUE HAS RAISED SEVERAL GROUNDS IN ITS AP PEAL, HOWEVER THE CRUX OF THE ISSUE IS THAT THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) HAS ERRED IN H OLDING THAT ASSESSEE SOCIETY IS ENTITLED FOR DEDUCTION UN DER SECTION 80P2(A)(I) OF THE ACT IN RESPECT OF INTEREST INCOME EARNED FROM ITS MEMBERS. 2 ITA NO.1109/MDS/2016 3. AT THE TIME OF HEARING, NONE APPEARED ON BEHALF OF THE ASSESSEE /RESPONDENT DESPITE NOTICE. SINCE THE ISSU E INVOLVED IN THE APPEAL OF THE REVENUE IS COVERED BY THE DECISION OF THIS TRIBUNAL, I PROCEED TO DISPOSE OF F THE APPEAL ON MERITS, AFTER HEARING THE LEARNED DEPARTMENTAL REPRESENTATIVE. 4. THE LEARNED DEPARTMENTAL REPRESENTATIVE VEHEMENT LY ARGUED IN SUPPORT OF THE ORDER OF THE LEARNED ASSES SING OFFICER. 5. AFTER HEARING THE LEARNED DEPARTMENTAL REPRESENT ATIVE AND ON PERUSING THE ORDER OF THE LEARNED COMMISSION ER OF INCOME TAX (APPEALS), I AM OF THE VIEW THAT THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) HAS RIGHTLY FO LLOWED THE DECISIONS OF THE TRIBUNAL AND ALLOWED THE APPEA L OF THE ASSESSEE ON THIS ISSUE BY OBSERVING AS UNDER:- 5. I HAVE PERUSED THE ASSESSMENT ORDER AND ORDERS OF THE ITAT B BENCH, D BENCH, CHENNAI AS REFERRED ABOVE AND ALSO THE LATEST ORDER PASSED BY ITAT C BENCH, CHENNAI DATED 23.09.2015 IN THE CASE OF M/S . S- 1308, AMMAPET PRIMARY AGRICULTURAL CO-OPERATIVE BAN K LTD., IN ORDER NO.825/MDS/2015. IN ALL THE ABOVE CA SES, THE HONBLE ITAT HAS DECIDED THE ISSUES IN FAVOUR O F THE APPELLANT. THE FACTS AND CIRCUMSTANCES ARE EXACTLY THE 3 ITA NO.1109/MDS/2016 SAME. THEREFORE, RESPECTFULLY FOLLOWING THE DECISIO N OF THE HONBLE B BENCH OF ITAT., CHENNAI IN ITS ORD ER NO.292/MDS/2014 DATED 17.03.2014, HONBLE D BENCH O F ITAT., CHENNAI IN ITS ORDER NOS.730, 731 & 732/MDS/ 2014 DATED 30.06.2014 AND HONBLE C BENCH OF ITAT., CHENNAI IN ITS ORDER NO.825/MDS/2015 DATED 23.09.20 15 THE CONTENTIONS OF THE ASSESSEE ARE ACCEPTED. 6 . IN VIEW OF THE ABOVE, I HAVE NO HESITATION TO CONFI RM THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) O N THIS ISSUE. 7. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THE 13 TH JUNE, 2016 SD/- ( . ) ( A.MOHAN ALA NKAMONY ) # / ACCOUNTANT MEMBER % /CHENNAI, & /DATED 13 TH JUNE, 2016 SOMU () *) /COPY TO: 1. APPELLANT 2. RESPONDENT 3. + () /CIT(A) 4. + /CIT 5. ) 0 /DR 6. /GF .